Jose wants to cash in his winning lottery ticket. He can either receive five $5,000 annual payments starting today, or he can receive a lump-sum payment now based on a 3% annual interest rate. What would be the lump-sum payment? a. $23,586. b. $22,899. c. $21,565. d. $23,000.
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Jose wants to cash in his winning lottery ticket. He can either receive five $5,000 annual payments...
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